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Saudi Arabia and Kuwait announced a new oil discovery on Tuesday in the divided zone between the two countries, marking the first such find since production resumed in the area in 2020. Located about 5 kilometers north of the Wafra field, the new well, named Wara Burgan-1, has shown a flow rate exceeding 500 barrels per day with an API gravity of 26–27. The discovery is expected to boost the two Gulf nations’ proven oil reserves and underscores their role in securing stable energy supplies for global markets. The announcement signals a renewed momentum in exploration and production in the…

Parts needed for F-15EX fighter jet Boeing considers Saudi Arabia Economic benefits and challenges Boeing’s announcement that it may manufacture parts of one of its fighter jets in Saudi Arabia highlights deepening commitments between the kingdom and the US, as well as the challenges of turning them into reality. During President Donald Trump’s trip to the Gulf earlier this month, hundreds of billions of dollars worth of deals were signed in sensitive sectors like technology, aviation, energy and defence.  They spanned pledges by Saudi Arabia, the UAE and Qatar to invest heavily in the US, and touched on American companies’…

As Magrabi Health marks its 70th anniversary in 2025, the organization is not just celebrating the past, it’s defining the future. Led by CEO Mutasim Alireza, Magrabi Health has grown from a single eye center into one of the largest networks for eye, ENT, dental, and aesthetic care in the Middle East. In a recent interview with Destination Magazine, Alireza shared how the company’s focus on innovation, specialization, and quality continues to drive its success. 70 Years of Leadership in Healthcare Credits: supplied Magrabi Health began its journey in 1955 when Dr. Amin El-Maghraby founded the region’s first private eye center.…

Globant, a digitally native company focused on reinventing businesses through innovative technology, inaugurated on Monday its Middle East Regional headquarters in Riyadh, less than three years after it first landed in the region. Globant, which is listed on the New York Stock Exchange (NYSE), said in a statement that the digital transformation market in the Middle East is experiencing substantial development. According to a Gartner report, IT spending in the MENA region is set to grow 7.4% to reach $230.7 billion in 2025. In Saudi Arabia in particular, IDC projects that IT services spending is set to grow at a…

Saudi Arabia’s Al-Ahli football club secured its first-ever Asian Champions League title in May, joining fellow homegrown teams Al-Hilal and Al-Ittihad as champions of the continent. The win offers early validation for the kingdom’s state-backed investments in football – particularly those made by the Public Investment Fund. Among fans and officials in Riyadh, there will be satisfaction that Saudi football is rising on the global stage.  However, it is notable that the latest player transfer window passed with minimal activity. It seems the hype around the Saudi Pro League has cooled somewhat. The shift reflects a more broadly cautious approach…

Bahrain-based asset manager Investcorp has reportedly sold its entire stake in Citykart, an Indian fashion retailer, making a fourfold return on its 2019 investment. The stake sale was part of the startup’s series B funding round, which saw Citykart raise INR5.4 billion ($63 million), local media reported. Investcorp acquired the stake from the asset management arm of IDFC Group, a bank, six years ago. IDFC Alternatives and SME Investments, an Indian private equity company, had jointly invested INR1 billion in Citykart. The latest round values Citykart at Rs 14 billion, the Economic Times, an Indian financial daily, reported quoting people…

Up to 85% of a loan guaranteed SMEs can borrow $770k for investment Banks’ interest rates 50% or more Turkey’s government has launched a loan guarantee scheme for small and medium-sized manufacturers, aiming to ease pressure on a sector hard hit by rising interest rates. Treasury and finance minister Mehmet Şimşek announced last week that almost $770 million of credit would be made available through the Credit Guarantee Fund (CGF), a scheme revived since the last decade that allows lenders to share credit risk with the Treasury. It will guarantee up to 85 percent of a loan, while successful applicants…

Company looking for M&A deals $20bn growth spend by 2030 Syria situation being monitored Abu Dhabi National Energy Company, or Taqa, is exploring buying companies in the US and elsewhere, its chief executive told Reuters. The state-owned utility is continuing its international expansion and is striving to reach ambitious growth targets. “The US is a key market for us,” and “if the right opportunity presents itself for Taqa, we would be pursuing that,” Jasim Husain Thabet said in an interview, without disclosing specific targets. ADPower, a unit of Abu Dhabi sovereign wealth fund ADQ, owns just over 90% of Taqa,…

China’s industrial profits picked up pace in April, official data showed on Tuesday, signaling economic resilience in the face of trade tensions with the United States and lingering deflationary pressures at home. The world’s two largest economies traded tit-for-tat tariffs last month, after US President Donald Trump announced sweeping “reciprocal tariffs” on April 2, then pausing them for most countries while singling out China for levies of 145%. The import curbs risk derailing China’s largely export-led economic recovery, with analysts warning that up to 16 million jobs could be lost if exports to the United States fall by 50% and…

China’s Industrial Profits Maintain Growth Momentum in April Despite Trade Tensions  China’s industrial profits picked up pace in April, official data showed on Tuesday, signaling economic resilience in the face of trade tensions with the United States and lingering deflationary pressures at home. The world’s two largest economies traded tit-for-tat tariffs last month, after US President Donald Trump announced sweeping “reciprocal tariffs” on April 2, then pausing them for most countries while singling out China for levies of 145%. The import curbs risk derailing China’s largely export-led economic recovery, with analysts warning that up to 16 million jobs could be…